Massachusetts Financial Services Co. MA Sells 1,185,951 Shares of Manulife Financial Co. (NYSE:MFC)

Massachusetts Financial Services Co. MA decreased its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 16.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,141,034 shares of the financial services provider's stock after selling 1,185,951 shares during the period. Massachusetts Financial Services Co. MA owned 0.36% of Manulife Financial worth $188,591,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. TD Asset Management Inc. increased its holdings in shares of Manulife Financial by 0.7% during the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider's stock valued at $1,068,654,000 after acquiring an additional 228,863 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider's stock valued at $829,374,000 after acquiring an additional 3,329,892 shares during the period. Norges Bank acquired a new stake in shares of Manulife Financial in the fourth quarter worth $654,751,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Manulife Financial by 1.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider's stock worth $347,757,000 after acquiring an additional 190,738 shares during the period. Finally, Geode Capital Management LLC raised its stake in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

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Manulife Financial Stock Up 8.2 %

NYSE:MFC traded up $2.22 during trading hours on Wednesday, reaching $29.15. The company had a trading volume of 6,021,889 shares, compared to its average volume of 2,259,095. The stock has a 50-day moving average of $29.92 and a two-hundred day moving average of $30.48. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The firm has a market capitalization of $50.21 billion, a PE ratio of 14.08, a PEG ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. The business had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.3094 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Wednesday, March 5th. Manulife Financial's payout ratio is presently 58.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MFC. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada raised their price objective on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Manulife Financial has a consensus rating of "Buy" and an average target price of $45.50.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.